诺诚健华，继续亏损

Core Insights - Nuo Cheng Jian Hua reported a continued loss in Q3 2025, with total revenue for the first three quarters reaching 1.115 billion yuan, a year-on-year increase of 59.85% [1][2] - The company’s net loss attributable to shareholders was 64.41 million yuan, with a non-GAAP net loss of 135 million yuan, both showing a reduction compared to the previous year [1][2] - In Q3 alone, the company experienced a larger loss, with revenue of 384 million yuan, a year-on-year increase of 38.09%, and a net loss attributable to shareholders of 34.32 million yuan, compared to a loss of 13.57 million yuan in the same period last year [1][2] Revenue and Profitability - The increase in revenue and drug sales was primarily driven by the continuous growth in sales of the core product, Aobutini (Yinokai), which generated sales of 1.010 billion yuan in the first three quarters, a year-on-year increase of 45.77% [1][2] - The company’s R&D expenditure accounted for a high proportion of revenue, at 60.61% for the first three quarters, a decrease of 27.53 percentage points from the previous year [1] - The gross profit margin for the first three quarters was 88.8%, an increase of 2.8 percentage points from the same period last year [1] Market Performance - As of the report date, Nuo Cheng Jian Hua's stock price increased by 0.20%, trading at 15.13 HKD per share, with a total market capitalization of 26.661 billion HKD [3]